Strong momentum confirmed in fourth quarter
(Thomson Reuters ONE) -
(Fornebu, 8 February 2011) In the fourth quarter of 2010, Telenor Group reported
revenues of NOK 24.9 billion, representing an organic revenue growth of eight
per cent. EBITDA before other items was NOK 7.2 billion, EBITDA margin was 29
per cent, and operating cash flow margin was 14 per cent. For the full year of
2010, Telenor's revenues was NOK 94.8 billion, EBITDA before other items was NOK
29.2 billion, EBITDA margin was 31 per cent and operating cash flow margin was
19 per cent. Telenor's consolidated mobile operations added close to eight
million subscriptions during the fourth quarter and 23 million during the
year[1].
"Telenor confirms its position as one of Europe's fastest growing telcos, with
organic revenue growth of 8% and strong operational performance. In 2010, the
Telenor Group had an operating cash flow of NOK 18 billion and a solid EBITDA
margin," said Jon Fredrik Baksaas, President and CEO of Telenor Group.
All-time high shareholder remuneration
"The share buyback programme for 2010 was completed in the fourth quarter.
Together with the dividends paid out in May 2010 this resulted in an all-time
high shareholder remuneration of NOK 9 billion. Based on the strong financial
performance the Management and the Board of Directors propose a dividend of NOK
3,80 per share for 2010, a pay-out ratio in the high end of the dividend policy
range," Baksaas said.
Operational excellence
"Our operational excellence programmes are progressing towards the ambitious
targets announced in 2010. Going forward, we expect significant long term
effects from the ongoing investments in network modernisations. Our ambition is
to improve efficiency and enhance customer experience through high quality
services," Baksaas said.
13% growth in Asia, overall satisfactory in Nordic and CEE regions
"The established Asian operations reported 13% organic revenue growth in the
fourth quarter and obtained an operating cash flow above NOK 10 billion for
2010. Uninor in India added more than four million subscriptions in the fourth
quarter and I am pleased to see that our go-to-market model is gradually
improving. India is a very competitive market coupled with a challenging
regulatory environment, and we are focusing strongly on establishing Uninor as
an ultra low cost operator," Baksaas said.
"In the Nordic and the CEE regions, overall performance was satisfactory.
However, increased competition in some of the markets requires innovative market
approaches and further cost measures," Baksaas said.
VimpelCom
"In January, the Supervisory Board of VimpelCom approved the acquisition of Wind
Telecom, and VimpelCom management said it would schedule a shareholders meeting
to approve the issuance of new shares in connection with the transaction. In
December, Telenor announced its opposition to the transaction because, from
Telenor's perspective, it was not strategically nor financially sound for
VimpelCom shareholders. At this stage, we believe it is essential that VimpelCom
focus on regaining a loss of momentum in the Russian market. On 28 January,
Telenor commenced arbitration proceedings against VimpelCom and Altimo to secure
Telenor pre-emptive rights and avoid dilution in the event the transaction is
completed," Baksaas ends.
Key figures
The table below contains key figures for the fourth quarter and full year of
2010, compared to the previous year. For more information please refer to
thequarterly report.
+--------------------------------------------------+-------------+-------------+
| | Fourth | Year |
| | quarter | |
+--------------------------------------------------+------+------+------+------+
|(NOK in millions except earnings per share) | 2010 | 2009 | 2010 | 2009 |
+--------------------------------------------------+------+------+------+------+
|Revenues |24 858|22 418|94 843|90 748|
+--------------------------------------------------+------+------+------+------+
|EBITDA before other income and expenses | 7 179| 6 933|29 220|30 670|
+--------------------------------------------------+------+------+------+------+
|EBITDA margin before other income and expenses (%)| 28.9| 30.9| 30.8| 33.8|
+--------------------------------------------------+------+------+------+------+
|Adjusted operating profit | 3 034| 3 146|13 086|15 765|
+--------------------------------------------------+------+------+------+------+
|Adjusted operating profit/Revenues (%) | 12.2| 14.0| 13.8| 17.4|
+--------------------------------------------------+------+------+------+------+
|Profit after taxes and non-controlling interests | 2 104| 2 167|14 334| 8 653|
|[2] | | | | |
+--------------------------------------------------+------+------+------+------+
|Earnings per share from total operations, basic, | 1.29| 1.31| 8.69| 5.22|
|in NOK | | | | |
+--------------------------------------------------+------+------+------+------+
|Capex[3] | 3 783| 5 455|11 688|15 722|
+--------------------------------------------------+------+------+------+------+
|Capex excl. licences and spectrum | 3 783| 5 455|11 355|15 722|
+--------------------------------------------------+------+------+------+------+
|Capex excl. licences and spectrum/Revenues (%) | 15.2| 24.3| 12.0| 17.3|
+--------------------------------------------------+------+------+------+------+
|Operating cash flow [4] | 3 395| 1 478|17 865|14 948|
+--------------------------------------------------+------+------+------+------+
|Net interest-bearing liabilities | | |19 276|26 332|
+--------------------------------------------------+------+------+------+------+
Contact:
Scott Engebrigtsen, Communication manager, Tel: +4790043484, E-
mail:scott(at)telenor.com
To the editorial offices:
Press and analyst conference
In connection with the publication of the financial results, a press and analyst
conference will be held on Tuesday 8 February 2011 at 09:00 hrs Norwegian
time/CET. The presentation will be held in Auditorium A, Telenor Expo Visitors'
Centre, at the Telenor Headquarters at Fornebu outside Oslo. President and CEO
Jon Fredrik Baksaas and CFO Richard Olav Aa will present the results. All
presentations will be given in English.
Internet and mobile broadcast
The press and analyst conference will be broadcast live over the Internet, and a
recorded version will be made available. During the live transmission, written
questions may be submitted via the Internet. The conference will also be
available live, and in a recorded version, on mobile phones. For more details
please refer towww.telenor.com/en/investor-relations/reports/q4-2010
Conference call and Q&A
The press and analyst conference will also be available as a conference call.
This service also allows participants to ask questions at a concluding Q&A
session, which will be held immediately after the presentation and a brief Q&A
session in the auditorium. Please register well in advance on (+47) 800 80 119
(from Norway) or (+47) 23 18 45 01 (from Norway or abroad).
Materials
English language versions of the full quarterly report and all presentations
used during the press and analyst conference will be made available
atwww.telenor.com/en/investor-relations/reports/q4-2010 at 07:00 and 08:45 hrs
Norwegian time/CET, respectively.
--------------------------------------------------------------------------------
[1] As of the fourth quarter the total mobile subscriptions stand at 203
million, including 92 million subscriptions from VimpelCom Ltd.
[2] 'Profit after tax and non-controlling interests' included actual figures for
Kyivstar GSM JSC and estimated results for OJSC VimpelCom until 31 December
2009. As of the first quarter 2010, figures for OJSC VimpelCom and Kyivstar GSM
JSC were included with a one quarter lag. The second quarter included a gain
related to the contribution of Kyivstar to the new entity VimpelCom Ltd. of
approxiately NOK 6.5 billion. Please refer to the section 'Associated companies'
on page 17 in the quarterly report for further details.
[3] Capex is defined as capital expenditures from continuing operations.
[4] Operating cash flow is defined as EBITDA before other income and expenses -
Capex, excluding licenses and spectrum.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Telenor via Thomson Reuters ONE
[HUG#1486304]
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 51172
Anzahl Zeichen: 10065
contact information:
Town:
OSLO
Kategorie:
Business News
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